Companies that once committed to investing in U.S. offshore wind infrastructure and supply chains are now scrapping their plans as the industry experiences significant challenges…
Companies that once committed to investing in U.S. offshore wind infrastructure and supply chains are now scrapping their plans as the industry experiences significant challenges. These setbacks stem from project delays, soaring costs, and the potential loss of federal support under former President Donald Trump’s proposed policies.
The downturn in the offshore wind sector over the past two years has led to prolonged project delays, budget overruns, and even outright failures of planned wind farms, threatening thousands of jobs and billions in investments.
"When a project fails to move forward entirely, there is a ripple effect for businesses across the national supply chain that isn't limited to a single state," said Stephanie Francoeur, SVP of marketing and communications at the offshore wind industry trade group Oceantic.
As recently as 2022, market research firm 4C Offshore had predicted that the U.S. would surpass former President Joe Biden's target of installing 30 gigawatts of offshore wind capacity by 2030. However, last year, the firm revised its projections to under 25 GW.
Investment Pullback and Project Revisions
In New Jersey, a major offshore wind port, initially planned as a critical
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